Santander UK has deployed the Hiperos 3PM third-party risk management platform from Opus, a London-based compliance solutions provider, to ensure the bank’s compliance with UK Financial Conduct Authority (FCA) guidelines, according to Ben Gould, managing director of EMEA & APAC at Opus.
“Santander executives were interested in becoming fully compliant with FCA guidelines for managing third-party risk and transaction screening,” says Gould. “They’re also very aware of many other regulations they need to adhere to, about corruption and around data privacy.”
Hiperos 3PM assesses materiality and risk for all third parties, automates risk mitigation for contracts and relationships with third parties, assesses information security, manages contract performance, and automatically generates management information and reports.
“Hiperos helps assess third parties to identify the risks associated with each of the relationships,” says Gould. “It gets the information on all those third-party relationships and monitors changes to risk profiles, keeping an action plan to mitigate risk and says which management information to look at [concerning risk].”
Hiperos 3PM’s automation of manual processes also creates efficiency for users like Santander UK, according to Gould. “This enables teams to focus on high-value activities,” he says.